MSC Industrial Direct Co., Inc., a distributor of metalworking and maintenance, repair and operations supplies to industrial customers throughout the United States, reported sales for the second quarter ended Feb. 28, 2009, were $351.9 million, a decline of 19.4% from the second quarter a year ago. Profit declined 44.6% to $26.3 million.
Fiscal year-to-date, sales were $784.9 million, down 10.2% from the first half of fiscal year 2008. Profit was down 24.3%.
By carefully controlling our costs, we were able to achieve margins that were above our expectations despite the soft sales environment. We remain focused on controlling our costs, and recently took additional steps which will allow us to significantly reduce our expenses and drive further reductions in operating expense in fiscal 2009, said Chuck Boehlke, executive vice president and CFO. "We are operating through one of the most severe economic situations our industry has experienced. While sales are under pressure, we believe a larger proportion of customers' business is being shifted to MSC."